MEME COIN: From trend to consensus, AO's first MEME COIN——$BENCAT

Author: Ashley

Review: PermaDAO

Source: Content Guild - News

What is MEME

MEME is a cultural element or concept that spreads rapidly on the Internet through dissemination and imitation. MEME does not have a single carrier. It can be a picture, GIF, video, or text, and spread on social media. Sometimes the spiritual connotation conveyed by MEME can even transcend language and cultural barriers and spread to the whole world. MEME has no specific or exclusive meaning. It is highly variable and adaptable. A concrete MEME may have different meanings in different environments and times. People can also add their own content or change some elements to create new MEME on this basis.

MEME COIN: From trend to consensus, AO's first MEME COIN——$BENCAT

What is MEME COIN

MEME COIN , also known as meme coin or meme coin, is a cryptocurrency with the theme or inspiration of Internet MEME. MEME COIN combines the spiritual core conveyed by MEME with blockchain technology to create a new form of virtual asset.

The origin of MEME coin can be traced back to Dogecoin. This MEMECOIN was jointly launched by software engineers Billy Markus and Jackson Palmer in 2013, inspired by the then popular Kabosu Shiba Inu dog MEME (i.e. dog emoji package). Dogecoin was originally intended to ridicule the speculative atmosphere in the cryptocurrency market, however, it quickly won the favor of community members and became the first famous MEME COIN.

Unlike general cryptocurrencies, MEME COIN initially had no real value. General cryptocurrencies usually have clear technical innovations or application scenarios, such as Bitcoin's decentralized currency system and Ethereum's smart contract platform. These cryptocurrencies are often designed to solve specific financial or technical problems. The value foundation of MEME COIN relies more on the enthusiasm of the community, the influence of social media, and market sentiment. They often have no substantial technical support or clear application scenarios, their value fluctuates greatly, and they rely more on "hype".

Today, Dogecoin ($DOGE) has reached a market value of tens of billions of dollars. With the continuous spread of many emerging MEME COINs, MEME COIN has gradually transformed into a huge ecosystem that cannot be ignored in the cryptocurrency market.

Opportunity or risk? Community consensus and dark side of MEME COIN

Satire and protest: narratives inspire community collective will

During the US election, a famous squirrel stirred up a thousand waves in the MEME narrative: the New York State Department of Environmental Conservation (DEC) broke into a private residence without a search warrant, forcibly captured and euthanized a famous squirrel named Peanut. On social media, this incident ignited the fire of MEME satire culture. DEC's actions not only exposed its abuse of power, but also triggered people's anger and dissatisfaction with the unfair behavior of power institutions. Against this background, the MEME coin $Pnut came into being and became a tool to satirize DEC's brutality and express protest.

Through MEME COIN, the MEME community transforms the atrocities of individual government agencies into a narrative of the crypto market, thereby satirizing and fighting back against the improper behavior of power. In this process, $Pnut has become a symbol, a virtual symbol of fighting corruption and tyranny. Under this premise, community consensus has become the main force driving the growth of MEME COIN's value. It is like a fire that ignites investors' emotions. As of the time of writing this article, $Pnut's market value has reached 1.1 billion US dollars. At this moment, $Punt as a MEME COIN is not just an investment tool, it also carries investors' recognition of justice and freedom, and has become a manifestation of culture.

Manipulation and Monopoly — Insider Trading to Monopolize Token Supply

However, in the other end of the crypto market, the same narrative technique is manipulated by people with ulterior motives. On May 24, 2024, the death of Kabosu , the prototype of $ DOGE, brought a wave of nostalgia to the crypto community, followed by the rise of another Shiba Inu namedねいろ (English translation: Neiro) , symbolizing the continuation and spiritual inheritance in MEME COIN culture. However, behind this superficial "feeling" is a careful layout for investors. On October 19, 2024, people in the crypto industry revealed that behind the lowercase $Neiro is a huge "rat warehouse" team that controls more than 80% of the token supply. The team used various means to win over KOLs and market makers, quickly raising the price of the currency, and then shipped at a high price to squeeze the funds of investors who were deeply trapped in the "Neiro" narrative.

Although community consensus has made $Pnut a highly spiritually symbolic MEME COIN, the lowercase $Neiro team uses similar narrative techniques to exploit investors through capital operations. Investors are often guided by the "feelings" and "beliefs" in the MEME COIN narrative, but it is difficult to distinguish whether the real value behind it is the convergence of group power or the manipulation of interest groups in the dark.

$BENCAT——AO Ecosystem’s First MEME COIN

How to avoid becoming the meat on the chopping board of MEME COIN interest groups? How to find a true and cohesive community consensus MEME COIN?

In my opinion joining the $BENCAT community can give you some ideas.

MEME COIN: From trend to consensus, AO's first MEME COIN——$BENCAT

$BENCAT Community

$BENCAT is the first MEME COIN in the AO ecosystem. $BENCAT has no pre-sale, no reservation, no VC - 100% fair launch, with a total supply of 1 billion.

$BENCAT was first launched on December 16, 2024 through the joint curve of Obtimus (AR+AO ecological AI survival game). $BENCAT is a MEME COIN created by the Obtimus project team through AO Agent technology and using the Cow Cat MEME as a prototype.

The $BENCAT community has thousands of participants, most of whom are participants and contributors to the AO ecosystem. However, unlike other MEMEs, $BENCAT has no pre-sale and no team allocation. Everything is led and driven by the $BENCAT community consensus.

100% fair distribution

To prevent the lowercase $Neiro incident from happening again, and to ensure that more community members can buy $BENCAT at a lower price, all buyers are subject to purchase limits during the joint curve period - each address can purchase a maximum of 5 $wAR worth of $BENCAT. Users can still sell at any time, but once sold, they will not be able to buy again until $BENCAT enters Permaswap.

When $BENCAT is launched on Permaswap, in order to ensure that $BENCAT's early supporters can get $BENCAT, $BENCAT has set up an airdrop. The designers of $BENCAT will purchase a certain amount of $BENCAT during the joint curve. After $BENCAT is launched on Permaswap, the designers will airdrop 100% of these tokens to Obtimus players (based on their Obtimus rewards) and early community elders. The designers will disclose the wallet address and maintain full transparency.

This means that everything about $BENCAT is open and transparent. The long-term vision of the $BENCAT community consensus is related to the future value of $BENCAT and will not be manipulated.

Liquidity issues

If liquidity is insufficient, it will affect future sustainable development. 80% of $BENCAT will be launched through the joint curve. Once the total purchase volume reaches 888 $wAR, it will be automatically listed on Permaswap. The remaining 20% of $BENCAT will serve as a liquidity pool for transactions.

How can I get $BENCAT?

Here is a simple guide on how to bridge AR to the AO network and prepare for purchasing $BENCAT:

  1. Purchase AR and transfer it to your ArConnect wallet.
  2. Connect the AR to the AO network.
  3. Log in to https://obtimus.aogames.org/ (Obtimus AO Games).
  4. After the bonding curve reaches its target, trade $BENCAT on Permaswap.

Conclusion

Whether $BENCAT can gather a huge community consensus to write a new narrative, perhaps it already has a direction.

Only by devoting ourselves to the $BENCAT community and participating in it personally can we understand where the core driving force of MEME COIN's unique ecology comes from.

Only by deeply understanding the community culture and community consensus can we confirm whether the rise of MEME COIN is the result of consensus or a short-lived market carnival.